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Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

DFS Cyber Regulation: Changing the Rules – An Interview with Bay Dynamics’ Steven Grossman

As part of Patterson Belknap’s continuing focus on the New York Department of Financial Services (DFS) proposed cybersecurity regulation, we sat down with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, a cyber...more

What Might Be the Future of the Dodd -Frank Act’s Insurance and Reinsurance- Related Provisions in a Trump Administration?

During the recent election campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act if elected, criticizing the regulatory burdens it imposed on different portions of the financial services sector and...more

NY DFS Proposes New Regulation for Life and Annuity Non-Guaranteed Elements

On November 17, the New York Department of Financial Services (DFS) issued a press release announcing its proposal of new Insurance Regulation 210 - Life Insurance and Annuity Non-Guaranteed Elements. Non-guaranteed elements...more

Revised Uniform Unclaimed Property Act Finalized for State Enactment—Legislative Drafting Notes and Interpretative Comments Added ...

The fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission for state enactment. The new Prefatory Note,...more

Real Property & Title Insurance Update: Weeks Ending November 4 & 11, 2016

REAL PROPERTY UPDATE - Foreclosure/Constitutional Challenge: record title owner’s argument that Florida Statutes section 702.035, governing “Legal notice concerning foreclosure proceedings,” is an unconstitutional...more

Law Firms and Vendors Mandated to Up Their Cyber Game: Final Installment in a 3-Part Series

This is our final installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation.  In this installment, we provide an overview of the regulation’s impact...more

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Deadline to File Liquidated Claims with Lumbermens in Liquidation Extended to 2017

The November 10, 2016, deadline for timely filing liquidated claims in the Lumbermens Liquidation has been extended to November 10, 2017. The November 10, 2016, deadline for timely filing liquidated claims in the...more

Buy-Side Warranty and Indemnity Insurance – Increased Coverage Gaps

As warranty and indemnity insurance continues to offer bespoke policies in an ever competitive market, we consider the key considerations for buyers at the outset of a transaction and the common gaps in...more

New York Department of Financial Services Proposes Cybersecurity Regulation

On September 13, 2016, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies, and other financial services...more

Tennessee District Court Orders Discovery Of Reinsurance Agreements, But Denies Discovery Of Reinsurance-Related Communications,...

Plaintiffs sought coverage from the insurer Defendants for a $212.5 million dollar settlement of a claim of violation of the False Claims Act relating to errors and omissions in underwriting and origination of HUD mortgage...more

FINRA to Overhaul Gifts, Non-Cash Compensation, and Business Entertainment Rules

On August 5, FINRA proposed amendments to its gifts rule (Rule 3220) along with new rules to replace the current provisions governing noncash compensation (new Rule 3221) and business entertainment (new Rule 3222). These...more

CFPB Grabs for SEC/CFTC Turf

In May, the Consumer Financial Protection Bureau (CFPB) proposed a ban on “mandatory arbitration” contract clauses that make financial products consumers waive their right to join class actions. Broker-dealers,...more

SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies

The Securities and Exchange Committee (SEC) staff published Guidance Update 2016-04, concerning business continuity plans regarding companies within a “fund complex.” By “fund complex” the staff means an affiliated group of...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Recently, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

SEC Exhibit Hyperlink Proposal Excludes Investment Companies

The Securities and Exchange Commission (SEC) has proposed that filings on Securities Act registration form types beginning with “S-” and “F-”, or on the basic Securities Exchange Act reporting forms, provide hyperlinks to...more

New York Department of Financial Services Proposes Comprehensive Cybersecurity Regulations for Financial Institutions

In September, the New York Department of Financial Services (“DFS”) proposed new rules (“Rules”) that would require covered financial institutions – banks, insurers, and other institutions regulated by the DFS – to establish...more

Brexit’s Impact on the Insurance Industry

Following the UK’s historic advisory vote to leave the EU, key questions must be answered before any real change occurs. These include: Must the government implement the advisory vote, and if so, how? Will the UK...more

AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial

In its 2010 opinion in Jones v. Harris, L.P., the United States Supreme Court embraced the so-called Gartenberg standard for assessing an investment adviser’s fiduciary liability for excessive mutual fund fees under Section...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Real Property & Title Insurance Update: Week Ending October 14, 2016

REAL PROPERTY UPDATE - Foreclosure/Standing: foreclosing bank did not establish standing where it failed to submit evidence it was in possession of original note with blank endorsement at time of filing of foreclosure...more

Title Insurance: What is its Value?

As I type this blog post, I am sitting at my desk with a four-inch-thick binder filled with title insurance forms—form policies, form endorsements, premium rate tables, survey requirements, etc.—and it occurs to me that many...more

D&Os – Be Aware of Creditor Exclusion in Your Insurance Coverage

The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Last week, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

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